The 1797 Draped Bust Large Cent represents an important early issue in American numismatics, being among the first copper coins produced at the Philadelphia Mint. These early coppers were struck during America’s formative years and hold significant historical importance beyond their monetary value. For collectors of early American coinage, the 1797 Draped Bust Penny offers a fascinating window into early U.S. Mint production methods, along with numerous varieties and errors that make collecting these pieces both challenging and rewarding.
1797 Draped Bust Penny: Market Values
Before diving into the details, let’s address the question most collectors are asking: what is a 1797 Draped Bust Penny worth? Values vary dramatically based on variety, condition, and specific characteristics.
Current Market Values Based on PCGS Price Guide (April 2025):
| Grade | S-119 | S-120 | S-123 | S-135 (Gripped Edge) | S-140 (NC-1) |
| G-4 | $700 | $675 | $685 | $950 | $1,800 |
| VG-8 | $950 | $900 | $925 | $1,400 | $3,000 |
| F-12 | $1,600 | $1,550 | $1,575 | $2,300 | $4,500 |
| VF-20 | $2,500 | $2,400 | $2,450 | $3,900 | $7,500 |
| EF-40 | $6,000 | $5,750 | $5,800 | $9,000 | $15,000 |
| AU-50 | $14,000 | $13,500 | $13,750 | $20,000 | $32,000 |
| MS-60 | $35,000 | $33,000 | $34,000 | $55,000 | $75,000 |
| MS-63 | $75,000 | $72,000 | $73,000 | $95,000 | $150,000+ |
Values reflect recent Heritage Auctions results and PCGS Price Guide data as of April 2025
Notable recent sales include a PCGS MS-63 S-123 example that brought $82,250 at Heritage Auctions in January 2025, demonstrating continued strong demand for high-grade examples.
Specifications and Production Details
Understanding the physical characteristics of the 1797 Draped Bust Penny is crucial for proper identification and authentication:
Technical Specifications:
- Diameter: 27-29mm (somewhat irregular due to primitive production methods)
- Weight: 10.89 grams (168 grains) ±0.5 grams
- Composition: 100% copper
- Edge: Plain on most varieties; Gripped edge on S-135
- Designer: Robert Scot (obverse); Robert Scot and John Smith Gardner (reverse)
Mintage: 897,510 pieces total for all varieties (official U.S. Mint records)
Production Methods: These coins were struck on a manually operated Boulton press. Planchets were prepared by cutting circular blanks from rolled copper sheets. This primitive process resulted in numerous planchet flaws and strike irregularities.
Major Varieties
The 1797 Draped Bust Cent is classified using the Sheldon variety system (denoted with “S” numbers), developed by Dr. William H. Sheldon. Several major varieties exist, distinguished by specific die characteristics:
S-119: Stem not through claw, 7 over 7 in date (scarce)
S-120: Reverse of ’96, stem not through claw (common variety)
S-123: “Reverse of ’97,” stem through claw (common variety)
S-135: Gripped Edge variety, distinguished by partial vertical lines on the edge (rare)
S-140 (NC-1): “Reverse of ’97,” 1 above 1 in date (very rare)
Authentication Tips
Key Diagnostic Points:
- Genuine Edge Details: Examine the edge carefully. Most 1797 cents have a plain edge except for the S-135 with its gripped (partial vertical lines) edge.
- Die Markers: Authentic pieces will show specific die markers. For S-123, look for a small die dot near Liberty’s chin and distinctive die clashing in the shield area.
- Proper Weight and Thickness: Genuine specimens should weigh approximately 10.89 grams (±0.5g) and measure 1.5-2mm in thickness.
- Metal Composition: Period-correct copper has distinctive aging characteristics. Modern counterfeits often use copper with improper alloy content.
- Proper Strike Characteristics: Early copper coins typically show some weakness in certain areas due to primitive striking technology. Too-perfect strikes are suspicious.
Warning Signs of Counterfeits:
Cast counterfeits often show granular surfaces and loss of fine detail. Modern struck counterfeits typically have too-sharp details, improper fonts, or incorrect date or liberty head positioning. Beware of “tooled” surfaces where details have been artificially enhanced.
Grading Standards for 1797 Draped Bust Cents
Grading early copper coins requires understanding specific wear patterns and characteristics unique to this issue:
Good-4: Major design elements visible but heavily worn. Date and LIBERTY legible, wreath outline on reverse visible.
VG-8: All major features clear but worn. Some details in hair visible, partial wreath details present.
Fine-12: Major hair strands visible, face details partially defined. Wreath shows some interior detail.
VF-20: Most hair strands distinct, face details well-defined. Wreath shows good interior detail and about 50% of ribbon detail.
EF-40: All major and most minor details sharp. Slight wear on high points only. Some original luster may remain in protected areas.
AU-50: Very light wear on highest points. Significant original luster remains, particularly in protected areas.
MS-60: No wear, but may show numerous marks, spotting, or uneven toning. Strike may be weak in places.
MS-63: Strong strike with minimal marks. May show some original red color in protected areas.
Known Errors and Varieties
The primitive production methods of early U.S. coinage resulted in numerous striking and die errors:
Major Error Types:
1. Die Cracks and Breaks: Several 1797 cents show progressive die cracks, particularly through the date area and across Liberty’s portrait. Late state S-120 dies often show extensive cracking at the border areas.
2. Clashed Dies: Evidence of die clashing (when dies strike each other without a planchet between them) appears on many 1797 cents. The S-123 variety often shows clear impressions of the reverse design elements in the fields of the obverse.
3. Double Strikes: Very rare instances of double striking exist, where the planchet shifted between strikes. These command significant premiums, typically 3-5 times the value of normal strikes in similar condition.
4. Off-Center Strikes: Unlike modern coins, early cents commonly show some degree of off-centering (5-10%). Examples with more than 20% off-center are rare and valuable.
5. Rotated Dies: Many 1797 cents show reverse dies rotated from the normal 180-degree orientation. Minor rotations (15-30 degrees) are common, while major rotations (90+ degrees) are rare.
6. Planchet Flaws: Due to primitive planchet preparation, many 1797 cents show laminations, cracks, or voids. These are considered part of the coin’s character rather than damage.
Significant Die Varieties:
7 Over 7 (S-119): This variety shows clear re-punching of the 7 in the date, with the original 7 visible underneath the final one. Authentication point: Look for a clear second top seriff of the 7 just below the final 7.
Gripped Edge (S-135): This rare variety features vertical lines on the edge, reminiscent of earlier “Flowing Hair” cents. Authentication point: The edge lines are irregularly spaced and do not fully encircle the coin.
NC-1 (S-140): The rarest major variety shows “1” over “1” in the date. Authentication point: Clear doubling visible at the top and base of the “1” digit.
Notable Die States and Progression
Collectors often pursue the same variety in different die states to document the progression of die deterioration:
Early Die State S-123: Shows sharp details with minimal die wear. Liberty’s hair details are crisp, and the reverse wreath shows all berry and leaf details.
Middle Die State S-123: Developing die cracks through date area, some mushiness in high points of design.
Late Die State S-123: Extensive die cracks, weakened strike in central areas, and filled design elements where die has deteriorated.
Market Trends and Investment Potential
The market for 1797 Draped Bust cents has shown steady appreciation over the past decade. According to Heritage Auction archives, high-grade examples (VF-20 and above) have appreciated approximately 5-7% annually since 2015. The rarest varieties, particularly the NC-1 and Gripped Edge, have seen even stronger gains.
Investment Considerations:
- Demand consistently exceeds supply for problem-free examples in VF and better grades.
- Authentication is critical, as sophisticated counterfeits have entered the market.
- The strongest price appreciation has been in the AU and Mint State grades, where examples are exceedingly rare.
- Coins with original surfaces and attractive natural toning command the strongest premiums.
Preservation and Storage
Early copper coins require special care to preserve their condition:
- Avoid handling: Use cotton gloves or hold by edges only.
- Storage: Store in inert, non-PVC holders or archival-quality flips.
- Environment: Maintain low humidity environment and avoid temperature fluctuations.
- Cleaning: Never clean these coins. Natural patina protects the surface and enhances value.
- Conservation: For serious problems, consult only professional conservators such as NCS (Numismatic Conservation Services).
Authentication Techniques
Die Markers for Major Varieties:
S-119: Look for a small die dot near Liberty’s lowest curl and clear 7-over-7 in date.
S-120: Distinctive die crack often runs from rim through third “1” of date to Liberty’s bust.
S-123: Stem passes through eagle’s claw on reverse; look for die dot near Liberty’s chin.
S-135: Gripped edge must be examined with magnification to confirm authenticity of vertical lines.
S-140 (NC-1): Clear 1-over-1 in date, with small die chip in drapery near bust point.
Microscopic Authentication: Under 10x magnification, genuine coins will show flow lines from the striking process radiating from the central design elements. These should be distinguished from tooling marks, which typically run in parallel patterns.
Frequently Asked Questions
Q: How can I tell if my 1797 Draped Bust Penny is genuine? A: Authentic specimens should have the correct weight (approximately 10.89 grams), diameter (27-29mm), and display proper die characteristics for their variety. The metal should show natural aging, and the details should match known die markers. If uncertain, have your coin authenticated by a reputable third-party grading service like PCGS or NGC.
Q: What makes the “Gripped Edge” variety so valuable? A: The S-135 “Gripped Edge” variety represents a transitional design element from earlier coinage and was produced in limited quantities. It combines the standard 1797 designs with a specialized edge treatment, making it both rare and historically significant. Fewer than 100 examples are believed to exist in all grades.
Q: How does environmental damage affect the value of a 1797 cent? A: Environmental damage such as corrosion, severe porosity, or improper cleaning can reduce value by 50-80% compared to problem-free examples. That said, minor issues are expected on coins of this age, and lightly corroded examples still hold significant value, particularly for rarer varieties.
Q: Are there any affordable ways to collect 1797 Draped Bust cents? A: For collectors with limited budgets, examples in Good (G-4) to Very Good (VG-8) condition of the more common varieties (S-120, S-123) represent the most accessible entry point, typically in the $700-950 range. Damaged examples can sometimes be found for less but require careful authentication.
Q: How has the market for 1797 cents changed in recent years? A: The market has become increasingly condition-sensitive, with premium-quality coins commanding stronger prices while problem coins have seen more modest growth. Rarity consciousness has also increased, with collectors more aware of die varieties and willing to pay significant premiums for scarcer types like the S-135 and S-140.
Final Words
The 1797 Draped Bust Large Cent represents an important piece of early American numismatic history. With its various die varieties, production characteristics, and historical significance, it remains a fascinating and rewarding series for collectors. Whether you’re just beginning to explore early American coppers or are an advanced collector seeking rare varieties, understanding the nuances of authentication, grading, and value determination is essential for making informed collecting decisions.
Remember that with early copper coins, condition is paramount, but originality and eye appeal often trump technical grade. A naturally toned, problem-free VF example will typically command more interest and stronger prices than a cleaned or damaged example in higher technical grade.
For collectors and investors alike, the 1797 Draped Bust Penny offers an excellent combination of historical significance, numismatic interest, and long-term appreciation potential.
References: This article references data from the PCGS Price Guide, Heritage Auctions archives, Sheldon’s “Early American Cents” (revised by Breen), and the “Standard Catalog of United States Coins” (Red Book).
